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Modern policy and claims-management systems, Web services and service-oriented architecture tools are among the 10 technologies that have the biggest impact on property/casualty insurers, according to research and consulting firm Gartner. Other technologies that affect P/C carriers include business intelligence and analytics, predictive modeling tools and advanced fraud-detection solutions.

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Property/casualty insurers' spending on fraud prevention is forecast to increase 44% between 2011 and 2016 as the industry faces a projected $80 billion cost from claims fraud by 2015, an Aite Group study says. "P&C carriers should revisit and update their enterprise fraud strategies and actively review the many new and more-effective solutions in the marketplace," Aite Group's Stephen Applebaum says. "Carriers that fail to improve their fraud-detection capabilities will find themselves both attacked by knowledgeable fraudsters and competitively disadvantaged."

Reporting functionality, analytics and workflow-management tools are among the critical elements of loss-control systems for property/casualty insurers, according to a Novarica report. Other factors include mobile capabilities and specialized tools, Novarica says.

Cost-effective claims-management systems are available to help P/C insurers place greater emphasis on enhancing their claims processes amid more competition and consolidation, according to a report from Aite Group. Many carriers can improve their efficiency, comply with regulations and satisfy customers by using the new CMSs, said Stephen Applebaum, an analyst with the research group. Challenges to claims transformation, however, will remain, he said, adding that carriers will succeed if they "can best leverage new claims technologies and implement continuous claims-process innovations."

Policy and claims management systems, predictive modeling tools and data-mining technology are among the 10 technologies that will have a significant impact on the P/C insurance industry, writes Kimberly Harris-Ferrante, vice president of Gartner Research. These technologies "will challenge existing business processes, support the emergence of new business models and allow companies to successfully differentiate to drive revenue growth," she writes.

Catastrophes continue to be a primary risk for property/casualty insurers, but inflation and advancing technology are emerging as new risks for the industry, according to industry analysts. As a result, many insurers have designated chief risk officers and adopted new measures to bolster their risk-management systems.